Details of the new CIBC Costco Mastercard (since March 4, 2022)

Updated Feb 12, 2025
Fact checked by
Marie-Ève Leclerc
Marie-Ève Leclerc Marie-Ève Leclerc
Marie-Ève, Web Director at Milesopedia, is an expert in budget travel and a slow travel enthusiast. Specializing in Aeroplan, Scene+, and Marriott Bonvoy programs, she spends nearly six months a year abroad, making travel her way of life. Constantly seeking the best waves to surf, excellent coffee, and strategies to extend her travels, she is often found in coworking spaces with fellow digital nomads or by the sea, watching the sunset.
All posts by Marie-Ève Leclerc
Carte CIBC Costco Mastercard
To the point Effective March 4, 2022, CIBC is the issuer of the CIBC Costco Mastercard Credit card. Is it worth it?

Following the announcement in October 2020 of the end of the partnership between Capital One and Costco, CIBC is now the new issuer. Here are the features of this new CIBC Costco Mastercard credit card.

You can use any Mastercard credit card at any Costco warehouse in Canada.

Use our credit card comparison tool to choose the best credit card for your Costco purchases.

As a bonus, here’s our tip for using a Visa credit card at Costco!

Features and benefits of the CIBC Costco Mastercard

The CIBC Costco Mastercard card has no annual fee.

As of March 4, 2022, this new Costco Credit Card offers cash back on all eligible purchases such as:

  • 3% cash back on restaurant and gas purchases at Costco
  • 2% cash back on purchases at other service stations and on Costco.ca
  • 1% cash back on all other purchases, including those made at Costco

You get 1% cash back on your first dollar of purchases. This is an improvement over the card issued by Capital One, as it only offered 0.5% on the first $3,000 of purchases. That was a disguised $15 annual fee.

As usual, you get your cash back in the form of a Costco gift certificate.

cibc costco mastercard

Also, it’s interesting to see that this Costco credit card offers 3% for gas at Costco, which is high (considering that Costco often offers the best rates on gas). And 2% at other service stations.

Please note that there is an annual limit of $5,000 in purchases in this category (from $5,001 in purchases you will get 1%). So, if you buy $100 worth of gas a week, you’ll drop to a 1% discount in the last 2 weeks of your year.

There was also a significant improvement: 2% for purchases made on Costco.ca. If you shop often on the online Costco website, this is a card to have in your wallet. There’s also an annual limit of $8,000 in Costco.ca purchases (for purchases over $8,001, you’ll earn 1%).

For example, if you buy $200 a week at Costco, you’ll drop to 1% cash back starting in the 11th month. This means you’ll miss out on 2 months of cash back at 2%.

A CIBC Costco Mastercard Business Card is also available for business owners.

What are the advantages of the CIBC Costco Mastercard?

Another advantage of the CIBC Costco Mastercard comes with mobile device insurance and an extended warranty. This is normal for a card with no annual fee.

That’s good, but… you could get more in return with other credit cards.

Other cards

Check out our list of the best credit cards for Costco at the end of the article.

The new Costco credit card from CIBC

What to do if you have a Capital One® Mastercard

*** This section is no longer current, but we’re keeping it as an archive.

If you currently have the Capital One Costco Mastercard, you may continue to use it until you receive your CIBC Costco Card, no later than August 31, 2022. You will continue to earn cash back.

Your 16-digit credit card number, expiry date, CVV code, PIN and credit limit will be transferred to CIBC. This information does not change during the transfer. Also, your credit history for your card will be kept.

Upon receipt of the CIBC Costco card, it must be activated, and then it can be used without delay. It will also serve as a Costco membership card, like the Capital One card.

As of March 4, 2022, your Capital One Costco Mastercard account has automatically become a CIBC Costco Mastercard account. There will be no need to complete a new application and no credit check.

Also, as of that date, you will receive your credit card statement from CIBC.

And as of March 7, 2022, you can sign up for CIBC Online Banking. You will be able to access your statement online.

For those who have this option, automatic renewal of Costco membership will take place on the new CIBC Costco Mastercard at the next renewal date.

This new CIBC Card is available on Apple Pay and Google Pay.

CIBC Costco Card Online Statement of Account

In your CIBC Online Profile, in the My Accounts section on the left, click on View electronic statements.

Select your CIBC Costco card account and the month you want.

Costco cibc

Insurance coverage and price protection service

As the credit card account is being transferred from Capital One to CIBC, the terms and conditions of CIBC no longer apply.

Therefore, all Capital One® Mastercard® insurance coverage and price protection service will end on March 03, 2022 at 11:59 PM.

If the date of a claim (such as for car rental) or the date of purchase of an item (for extended warranty) is on or before March 03, 2022, call 1-888-324-2363 to make a claim.

If a claim occurs after March 04 or you purchase an item to have an extended warranty on or after March 04, coverage does not apply. No claims can be made.

How to pay for your CIBC Costco Mastercard with Desjardins or another financial institution

Until March 3, 2022, you could make credit card payments to Capital One. But as of March 4, 2022, you’ll have to change the way you make your payments.

In addition, if you had a pre-authorized payment service with Capital One to automatically pay your credit card each month, this will cease. You will need to create another order with CIBC.

On your financial institution’s website (AccèsD, EasyWeb, etc.):

  • Add CIBC Costco Mastercard to your list of beneficiaries (if not, try “CIBC Mastercard” or any other combination).
  • Enter your credit card numbers
  • Make the payment as usual to this card

Note: CIBC Banking Services are now available to all cardholders. If you have a problem, call CIBC Customer Service at 1-866-346-2999.

How does cash back work?

The cash back balance has been posted on CIBC Banking since March 11, 2022.

In January 2023, CIBC Costco card cardholders will receive the amount they have earned during the year 2022.

This will be calculated as follows:

  • January 1, 2022 to March 03, 2022: based on Capital One Costco Mastercard accumulation rates (3% at restaurants, 2% on gas, 1% for everything else)
  • March 04, 2022 to December 31, 2022: based on CIBC Costco Mastercard accumulation rates (3% on restaurants and gas purchases at Costco, 2% at other gas stations and Costco.ca, 1% on all other purchases, including Costco warehouse purchases).

If you still have an unexpired Capital One gift certificate, it can be redeemed as usual at Costco warehouses.

How do I cancel my CIBC Costco card?

You can cancel your CIBC Costco World Mastercard or CIBC Costco Mastercard by calling CIBC Customer Service at 1-866-346-2999.

To make sure you have the right credit card to use at Costco that will pay you the most, check out our credit card comparator.

How to reach Customer Service for the CIBC Costco Card

If you have any questions or problems with the CIBC Costco Mastercard please contact CIBC Customer Service at 1-866-346-2999.

Other cards to use at Costco for better benefits

Of course, you can always use other Mastercard credit cards at Costco. The best credit cards for Costco can be found in this ranking.

Do you have AIR MILES? Here’s how to get your free Costco membership with your miles!

There are other ways to save at Costco with other credit cards, including the National Bank World Elite Mastercard®.

With this card, you benefit from the best travel and purchase insurance, a $150 annual travel credit and free access to the National Bank lounge in the international zone at Montreal-Trudeau airport.

Bottom Line

Browse our credit card comparison tool to select the Best Mastercard credit card that will reward you the most.

Check out the best Costco credit card offers.

What do you think of this new Costco credit card? Visit our Facebook community to discuss!

CIBC Costco Mastercard Frequently Asked Questions

Which credit card can I use at Costco?

You can use any Mastercard to store at Costco warehouses. Please note that you can also use a Visa credit card to shop online at costco.ca.

For the best credit cards for Costco, check out this page.

How do I view my CIBC Costco Banking account?

To access your CIBC Costco Banking account, you must follow these steps:

  1. Visit the CIBC website(https://www.cibc.com/en/personal.html).
  2. Click on the “CUSTOMER LOGIN” button in the top right-hand corner of the home page.
  3. Select “CIBC Live” from the drop-down menu.
  4. Enter your Costco card number and password in the fields provided.
  5. Click on the “Login” button to access your account.

If you do not already have a CIBC Costco account, you can create one by clicking on the “Register Now” button on the login page. You will need to provide your personal information and follow the instructions to set up your account.

How do I activate my new CIBC Costco Mastercard account?

To activate your CIBC Costco Mastercard Credit Card, follow these steps:

  1. Sign in to your CIBC online account: You can access your CIBC online account by visiting the CIBC website and entering your username and password.
  2. Find your CIBC Costco Credit Card: In your online account, locate your CIBC Costco Credit Card in the “My Accounts” section.
  3. Activate your credit card: Select your CIBC Costco Credit Card, then choose the “Activate Card” option. You can then follow the instructions to activate your card.
  4. Confirm your personal information: You may be asked to provide personal information, such as your date of birth and social insurance number, to verify your identity and activate your card.
  5. Use your credit card: Once your card is activated, you can start using it to make purchases at Costco and elsewhere.

It is important to note that the specific steps to activate your CIBC Costco Credit Card may vary depending on your location and account. If you are having difficulty activating your card, you can contact CIBC Customer Service for assistance.

Come to discuss that topic in our Facebook Group!
Caroline Tremblay
Caroline Tremblay
Caroline, a loyalty program specialist, helps families maximize their points to travel more frequently and affordably. With expertise in Disney, AIR MILES, and Costco, she travels the world with her partner and two children through rewards. Passionate about the latest in loyalty programs, Caroline shares tips to help you earn more points and turn your travel dreams into reality.
All posts by Caroline Tremblay
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Canada

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